Mankind Pharma IPO Subscribed 2.25 Times On Day 3: Key Details You Should Not Miss

Mankind Pharma Ltd's initial public offer (IPO) has been subscribed 2.25 times on Day 3. The issue gained response from non-institutional investors (NIIs) who subscribed approximately 1.63 times. Meanwhile, retail investors subscribed about 38% and qualified institutional investors (QIBs) subscribed 5.97 times of the allotted quota to them, according to reports.

The initial share sale of Mankind Pharma has been subscribed 87 per cent on the second day of the offer on Wednesday, according to a PTI report. The IPO got bids for 2,45,19,352 shares against 2.80 crore shares on offer, as per the data obtained from NSE.

The category for Qualified Institutional Buyers (QIBs) was subscribed 1.86 times, Non-Institutional Investors portion received 1.02 times subscription and Retail Individual Investors (25 per cent). The company's IPO is thoroughly an Offer For Sale (OFS) of 4,00,58,844 equity shares by promoters and other existing shareholders, stated the PTI report.

Those selling shares in the OFS are promoters Ramesh Juneja, Rajeev Juneja and Sheetal Arora. Besides, Cairnhill CIPEF, Cairnhill CGPE, Beige Limited, and Link Investment Trust will participate in the OFS.

Since the IPO is completely an OFS, the company will not receive any net proceeds from the issue and the entire net proceeds will go to the selling shareholders, added the PTI report.

Mankind Pharma has set a price band of Rs 1,026-1,080 per share. At the upper end of the price band, the IPO size is valued at Rs 4,326 crore.

Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It was incorporated in 1991 and emerged as one of India's largest pharmaceutical companies, according to its official website.

Kotak Mahindra Capital Company, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India are the book-running lead managers to the issue, stated the PTI report.

The equity shares of the company are scheduled to be listed on May 9 on BSE and NSE.